I previously purchased my house in cash and over the course of the last five years have taken out a HELOC (Currently owe $97,000) and an Equity Loan (Owe $91,000). My house is worth approximately $500,000. What would be the best option if I wanted to pull another $75,000 out of my houses equity? Could I pay off my existing two loans ($97K + $91K) with a new loan plus add the additional loan amount ($75K) so that I only have one loan going forward? I really appreciate any insight on the best way to move forward.
Why would you want to do that? What are you doing with the first loan? You're saying you would get a third equity loan at $75k and a fourth for $188K to pay off the first two? I'm just trying to understand.